Real Estate Archives

Twin Cities Market Report For February 2024

February 14, 2024 by Travis Wyman

January was a month of continued demand and interest in the market. Compared to a year ago we see are seeing a noticeable uptick in activity from buyers. We saw new listings increase 23% compared to a year ago and sold listings increase 4.2% compared to a year ago. This definitely seems to match up with what I was seeing when watching the market in my area on a daily basis.

The average days on market for a listing to go from active to pending was 54 days. When we look at January of 2019 and 2020 we see that the average time for a house to sell was 63 and 65 days respectively so 54 days is right in line with previous “normal” markets. It’s also important to look at median days on market because it tends to reduce the influence of outliers on the data. The median days on market was 37 days which is down from 42 days last year.

More recently I’ve been noticing homes going to pending status fairly quickly and homes sitting on the market for less time than a month ago. We’re also seeing the number of showings increase year over year by 10%. This is a pretty substantial increase and I think it demonstrates that there is in fact some pent up demand. In the last week or so though we’ve also seen interest rates increase and as a result we’ve seen mortgage applications fall.

Sellers who are in a position to time when they want to hit the market should be getting their homes ready and paying close attention to what interest rates, jobs data, and inflation numbers are doing. Why? Because we saw an influx of buyers and activity that was spurred on by good numbers last month but as that data changed this month the mortgage applications fell. So I think we’ve seen that when rates come down in the 6.5% range or lower there are buyers ready to go and seller’s should be ready to list their property.

I’m not saying you should try to time the market though. Trying to perfectly time anything like real estate is very tough and you should decide to make a move when the time is right for you and your situation.

Homshuk – A New Twist on Mexican Food In Apple Valley

January 24, 2024January 24, 2024 by Travis Wyman

Photo of the outside of Homshuk in apple valley minnesota

Homshuk, a Mexican culinary haven, boasts a vibrant and diverse menu that captures the essence of authentic Mexican street food with a modern twist. When I went I got the wet burrito which is just a fancy name for a chimichunga and it was amazing! I also had to try their Smoky Tamarind Margarita and it did not disappoint.

The appetizers showcase bold flavors, with dishes like carne asada fries and nachos featuring a medley of ingredients such as jalapeno queso, pico de gallo, and house aioli. For casual eats they have sopes, a traditional treat with thick masa topped with flavorful elements like refried beans and queso fresco. For tacos and burritos they offer a delightful journey through various proteins and inventive combinations, from classic traditional tacos to the mouthwatering wet burrito, a personal favorite at Homshuk. The main courses range from wood-fired options like pollo rostisado to tantalizing dishes like mole con pollo and tampiquena, showcasing Homshuk’s commitment to elevating Mexican culinary traditions.

Homshuk’s style of food caters to those who appreciate bold and authentic Mexican flavors presented in a modern, creative manner. It is an ideal choice for individuals seeking a lively dining experience with a menu that appeals to both traditionalists and those looking for innovative twists on classic dishes. From families enjoying kids quesadillas to food enthusiasts savoring unique specialties like pulpo tacos, Homshuk caters to a diverse audience. The rich variety of meats, flavorful salsas, and inventive combinations make Homshuk a go-to spot for anyone craving an exciting culinary journey through Mexican cuisine.

Check Out Homshuk Here

Twin Cities Market Report For January 2024

January 17, 2024 by Travis Wyman

December 2023 was a month where buyers and sellers were paying close attention to what was happening with mortgage interest rates. November 2023 delivered us the first big break in interest rates as we finally saw them start to tumble from the highs of 8%. Many buyers and sellers were very tentative about whether these drops would last and there was fantastic news that the Federal Reserve delivered at its meeting in December. They discussed not raising the rates that end up affecting mortgage rates and they went further indicating that cuts could start coming in 2024.

All of this good news led to mortgage applications increasing at a rapid rate. Many indications both personally and from my team at Pemberton Homes is that buyers who had been on the sidelines now started looking in earnest again. You can start to see this in the increase in showing activity. For the month of December we saw a 7.7% increase in showing activity compared to December 2022. I would expect that to continue because the Minneapolis Association of Realtors® is also showing that showings are up 29.9% for the week ending January 7, 2024 compared to the same week last year. This is a huge increase!

The average days on market for a listing to go from active to pending was 50 days. This sounds like a long time but this is where really looking into the numbers and pulling the data apart is important. The winter months traditionally means a house will take longer to sell. When we zoom out and look at December of 2018 and 2019 we see that the average time for a house to sell was 57 and 56 days respectively so 50 days is really right in line with where we might hope to be in a “normal” market.

We haven’t seen a drop in the sales price of homes in our market. Homes aren’t appreciating at the rate they were in previous years but they are still appreciating.

What I Expect Going Forward

There are numerous sellers who have been waiting to sell. I expect with interest rates leveling off, the start of the spring market, and sellers starting to feel impatient from having to wait that new listings will continue to increase and outpace last years numbers.

Even though we will see new listings increase that doesn’t mean that the available inventory of homes will increase. Most sellers are buyers and just like sellers were waiting on interest rates to sell, buyers were waiting on interest rates to fall to enter the market.

I would expect that the days on market to sell a house will continue to increase in January and February. When we look at historical trends January and February typically continue to increase in average days on the market. The one thing that could change this is a bunch of buyers jumping into the market to get a head start so they don’t have to compete with the rush of spring market buyers.

4 Key Tips for Selling Your House This Spring

March 31, 2023March 30, 2023 by Travis Wyman

Spring has arrived, and that means more and more people are getting their homes ready to sell. But with recent shifts in real estate, this year’s spring housing market will be different from the frenzy of the past several years. To sell your house quickly, without hassles, and for the most money, be sure to follow these four simple tips:

1. Make Sure You Give Buyers Access

One of the biggest mistakes you can make as a seller is limiting the days and times when buyers have access to view your home. In any market, if you want to maximize the sale of your house, you can’t limit potential buyers’ access to view it. If it’s not accessible, it could cost you by sitting on the market longer and ultimately selling for a lower price.

2. Make Your Home Look as Good as Possible on the Inside

For anything to sell, especially your home, it must look inviting. Your real estate agent can give you expert advice on ideal staging for your home. Even updating a room with fresh paint, steam cleaning carpets, or removing clutter from the garage can make a big impact.

3. First Impressions Matter

The old saying “you never get a second chance to make a first impression” matters when selling your house. Often, the first impression a buyer gets is what they see as they walk up to the front door. Putting in the work in on the exterior of your home is just as important as what you stage inside. Freshen up your landscaping to improve your home’s curb appeal so you can make an impact with potential buyers.

4. Price It Right

This is probably the most important aspect of selling your home in today’s real estate market. If a house is priced competitively, it’s going to sell. Period. To do this, you have to know what’s happening with home prices in your area and understand the factors that are affecting the market right now. That’s why it’s best to work with a trusted real estate professional who can ensure you list your house at the right price.

Bottom Line

Everyone selling their home wants three things: to sell it for the most money they can, to do it in a certain amount of time, and to do all of that with the fewest hassles. To accomplish these goals, let’s connect so you can understand the steps you need to take to sell your home this spring.

How Homeownership Is Life Changing for Many Women

March 31, 2023March 29, 2023 by Travis Wyman

Throughout Women’s History Month, we reflect on the impact women have in our lives, and that includes impact on the housing market. In fact, since at least 1981, single women have bought more homes than single men each year, and they make up 17% of all households.

Why Is Homeownership So Important to Women?

The rise in women pursuing homeownership hasn’t just made an impact on the housing market. It’s also been an asset for those buyers and their households. That’s because homeownership has many benefits, both financial and personal.

On the financial side, housing proves to be the key to building wealth for single women. Ksenia Potapov, Economist at First American, says:

“For single women, housing has always made up a large share of total assets. Over the last 30 years, the average single woman’s wealth has increased 88% on an inflation-adjusted basis, from just over $142,000 in 1989 to $267,000 in 2019, and housing has remained the single largest component of their wealth.”

The financial security and independence homeownership provides can be life changing, too. And when you factor in the personal motivations behind buying a home, that impact becomes even clearer.

A recent report from the National Association of Realtors (NAR) shares the top reasons single women are buying a home right now (see chart below):

Bottom Line

Homeownership can be life changing no matter who you are. Let’s connect today to talk about your goals in the housing market.